Tony Elumelu Set To Receive N12.71 Billion Dividend As UBA Achieves Record Profit

Billionaire investor and Chairman of United Bank for Africa (UBA), Tony Elumelu, is poised to receive a significant dividend payout of N12.71 billion for the 2024 financial year, following the bank’s exceptional performance.

As a key shareholder in UBA, Elumelu holds 2,542,511,824 shares, divided between direct and indirect ownership. His direct stake accounts for 195,124,581 shares, while the rest is distributed among three entities:

• HH Capital Limited – 302,296,875 shares
• Heirs Holdings Limited – 1,814,003,900 shares
• Heirs Alliance Limited – 231,086,468 shares

With this substantial holding, Elumelu is among the highest-earning individuals from UBA’s latest dividend distribution.

UBA Announces Record Dividend Payment

The bank declared a total dividend of N5.00 per share, reflecting a notable increase from the prior year. This consists of a final dividend of N3.00 per share and an interim dividend of N2.00 per share. Consequently, the payout ratio surged to 26.6%, a sharp rise from 16.32% in 2023.

As a result, UBA’s total dividend distribution to shareholders escalated to N147.05 billion—more than triple the N47.88 billion paid out in the previous year. However, investors will incur a 10% withholding tax on their earnings.

UBA’s Outstanding Financial Growth

The remarkable dividend hike is backed by UBA’s strong financial performance. The bank reported a pre-tax profit of N803.7 billion, marking a 6% increase from the N757.6 billion recorded in 2023. Additionally, after-tax profit saw an impressive 26.14% rise, reaching N766.5 billion—the highest in the bank’s history.

UBA’s consistent growth reinforces its reputation as a leading financial institution in Nigeria. With robust earnings and increasing dividends, the bank continues to generate value for its shareholders while strengthening its foothold in the financial sector.